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04.08.2017 03:32 PM
Trading plan for the American session on August 4 EUR / USD and GBP / USD

EUR / USD

To open long positions for EURUSD, it is required:

Good data on the labor market led to a decrease in EUR/USD. I recommend to go back on buying the euro only after the formation of a false breakdown of the level of 1.1843 and growth on it, or consider long positions after the renewal of 1.1796, where a lot of large players will be concentrated. The main goal for today is to update the monthly highs around 1.1888 and 1.1926.

To open short positions for EURUSD, it is required:

Sellers will try to gain a foothold below 1.1843 after good data from the US labor market, which will open the opportunity for a further drop in the area of the larger support of 1.1796, with a new exit at 1.1731, where I recommend fixing profits. In the event of a false breakdown of 1.1843, it is best to return to euro sales after a repeated unsuccessful attempt to update the level of 1.1888 or to rebound from 1.1926.

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GBP/USD

Consider buying pound after a failed attempt to consolidate below 1.3098 with a return to this level and the main goal of recovery to day highs in the area of 1.3157. In the case of a breakdown of 1.3098, I recommend postponing the purchase to a larger support level around 1.3054, where the profit and sellers of the pound will also be fixed, which will lead to an instant rebound of the pair by 20-30 points.

To open short positions for GBPUSD, it is required:

Morning resistance in the area of 1.3166 has worked itself out. To sell the pound is possible only after consolidation below 1.3098, which opens a good opportunity to reduce the support area of 1.3054 and 1.3009. In the event of a false breakdown of 1.3098, I recommend selling of the pound after the renewal of the resistance level of 1.3157.

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Indicators

MA (medium sliding) 50 days - yellow

MA (medium sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA

Bollinger Bands 20

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
Maxim Magdalinin
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